As to the Income Tax, my opinion is that the needful revenue would be fairly and most fairly raised if paid by property, and by individuals in proportion to their property... A Property Tax should be an assessment upon all land and buildings, and canals and railroads, but not on property such as machinery, stock in trade, etc. The aristocracy have squeezed all they can out of the mass of the consumers, and now they lay their daring hands on those not wholly impoverished.

Letter to his sister Margaret on Sir Robert Peel's budget (1842), quoted in G. M. Trevelyan, The Life of John Bright (London: Constable, 1913), pp. 72-73.